Angola under pressure from debt and missed targets
The oil revenue squeeze is presenting the government with its greatest challenge since the civil war
At lower oil prices, Angola is one of the most pressured Opec producers. The economy is overwhelmingly dependent on oil and, following the end of the disastrous civil war in 2002, reconstruction of the country’s infrastructure has largely been financed by oil-backed loans. Accordingly, there are heavy debt-servicing commitments, running for years ahead – yet, while oil prices fall, the country’s production targets are being missed. Development plans and security concerns limit the scope of José Eduardo dos Santos, president for 35 years, to make cuts in state spending. Electricity is one sector identified as a priority for investment: less than half of the population has access to it, so the
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